TL;DR

SEC softens crypto stance; ETH ETFs lead $5.4B July inflows; BTC hits $115.7K record close.

Highlights

• SEC launches “Project Crypto” to modernize securities rules, move markets on-chain, and signals most crypto assets are not securities; Ether explicitly excluded from securities classification120.
• White House publishes national digital asset strategy, urging Congress to clarify CFTC/SEC roles, proposes stablecoin regime, and rules out a U.S. CBDC2.
• Grayscale Solana ETF decision delayed to October; multiple issuers amend filings, industry groups push for liquid-staking tokens in ETF structure3.
• U.S. spot Ethereum ETFs see 20-day inflow streak, pulling in $5.4B in July; Bitcoin ETFs face end-of-month outflows as investors rotate into Ether416.
• Bitcoin closes July at a record $115,700, up 10.4% for the month; $805M in leveraged positions liquidated amid volatility65.
• Tether reports $4.9B Q2 profit, holds $127B in U.S. Treasuries; USDT supply reaches $158B, with increased activity on Tron and Solana 78.
• Solana leads in tokenized stock volume ($293M in a month), asset bridging ($690M in July), and stablecoin transfers ($215B in July)8.
• MicroStrategy posts $10B Q2 net income, holds 628,791 BTC , and plans to increase leverage; analysts raise share price targets9.
• Coinbase to offer tokenized stocks and derivatives to U.S. users; Q2 profit jumps but shares drop 8% on revenue miss1011.
• Visa adds PYUSD and USDG stablecoins, expands settlement to Stellar and Avalanche; Circle extends native USDC to Sei and Hyperliquid1213.
• Crypto exchange volumes hit $1.7T in July, led by Binance and DEXs; altcoin options trading hits record $2.2B14.
• Ethereum tops $3,900 for first time in 2025, up 56% in July; Foundation outlines 10-year plan for scaling and quantum security1518.
• Solana-based BonkFun overtakes PumpFun in memecoin launchpad market share and volume17.
• Second Circuit vacates NFT insider-trading conviction of ex-OpenSea manager, raising legal questions for NFT trading19.

Commentary

U.S. regulatory posture toward crypto shifted sharply, with the SEC and White House signaling a coordinated move to bring both traditional and digital assets on-chain12. The SEC’s explicit stance that most crypto assets—including Ether —are not securities, and the launch of “Project Crypto,” reduce compliance uncertainty and clear a path for new product development120. This is already reflected in Coinbase ’s plans to offer tokenized stocks to U.S. users and the flurry of amended ETF filings, particularly around Solana 103. The White House’s blueprint and rejection of a CBDC further clarify the U.S. policy trajectory, with Congress now under pressure to formalize market structure and stablecoin rules2.

Institutional flows remain robust. U.S. spot Ethereum ETFs led inflows in July, with $5.4B added and a clear rotation out of Bitcoin ETFs by month-end416. Bitcoin closed July at an all-time high, but volatility remains elevated—over $800M in leveraged positions were liquidated in 24 hours, highlighting risk for over-levered traders65. MicroStrategy ’s Q2 results and expanded BTC holdings reinforce the trend of corporates using bitcoin as a treasury asset, while Tether’s record profits and ballooning USDT supply underscore the growing role of stablecoins in market liquidity97.

Solana continues to gain traction, leading in tokenized stock volume, asset bridging, and stablecoin transfer activity8. The memecoin launchpad sector is seeing realignment, with BonkFun overtaking PumpFun in both market share and volume17. Infrastructure developments are also notable: Visa and Circle are expanding stablecoin settlement and cross-chain USDC access, broadening on-chain payment and liquidity options across multiple blockchains1213.

Traders should monitor further regulatory actions, ETF decisions (especially Solana ), and sector rotations between major Layer 1s and DeFi platforms3. Elevated volatility and liquidation risk persist—especially as leverage resets and technical resistance levels are tested5. Legal shifts, such as the OpenSea insider-trading case reversal, may affect compliance and risk management in NFT and DeFi markets19.